Raymond James Financial (RJF) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio of earnings to fixed charges and preferred stock dividends)
	Six months ended March 31,				Year ended September 30,
	2016		2015		2015		2014		2013		2012		2011
Earnings:
Pre-tax income excluding noncontrolling interests	$	366,456	$	383,228	$	798,174	$	748,045	$	564,187	$	471,525	$	461,247
Fixed charges	72,036		69,061		137,753		134,366		140,708		115,992		84,557
Less: preferred stock dividends	—		—		—		—		—		—		—
Earnings	$	438,492	$	452,289	$	935,927	$	882,411	$	704,895	$	587,517	$	545,804
Fixed charges:
Interest expense	$	55,827	$	53,624	$	106,741	$	102,878	$	109,159	$	90,389	$	65,351
Estimated interest portion within rental expense	15,603		14,831		29,799		30,275		30,337		24,623		18,727
Amortization of debt issuance cost	606		606		1,213		1,213		1,212		980		479
Preferred stock dividends	—		—		—		—		—		—		—
Total fixed charges	$	72,036	$	69,061	$	137,753	$	134,366	$	140,708	$	115,992	$	84,557
Ratio of earnings to fixed charges and preferred stock dividends	6.09		6.55		6.79		6.57		5.01		5.07		6.45

We calculated our ratio of earnings to fixed charges and preferred stock dividends by adding pre-tax income excluding noncontrolling interests, plus fixed charges minus preferred stock dividends and dividing that sum by our fixed charges. Our fixed charges for this ratio consist of interest expense, the portion of our rental expense deemed to represent interest (calculated as one third of rental expense), amortization of debt issuance costs and preferred stock dividends.

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